Indian Economy GK Quiz-15

Indian Economy GK Quiz-15

Indian Economy Multiple Choice Questions (MCQs) Quiz for State and UPSC Civil Services Examinations. Objective Questions on Indian Economy for competitive examinations.

    281. Which of the following is the Regulator of the credit rating agencies in India ?

    (1) RBI 
    (2) SBI
    (3) SIDBI 
    (4) SEBI
    Answer:
    281. (*) The Indian credit rating industry mainly comprises of CRISIL, CIBIL, ICRA, CARE, ONICRA, FITCH and SMERA. The Securities and Exchange Board of India (SEBI) is the regulator for the securities market in India. RBI is India’s central bank. SIDBI (Small Industries Development Bank of India) financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises in India.

    282. Which is the first Indian Company to be listed in NASDAQ?

    (1) Reliance 
    (2) TCS
    (3) HCL 
    (4) Infosys
    Answer:
    282. (4) Infosys Technologies became the first Indian company to be listed on the US NASDAQ in March 1999. Infosys was incorporated on July 2, 1981 as a private limited company in India. It became public limited company in June 1992. 

    283. RRBs are owned by

    (1) Central Government
    (2) State Government
    (3) Sponsor Bank
    (4) Jointly by all of the above
    Answer:
    283. (4) RRBs are jointly owned by the Centre, the State Government concerned and sponsor banks, with the issued capital shared in the ratio 50:15:35, respectively. According to the RRB Act, 1976 the authorised capital of each such bank is Rs 5 crore and the issued capital, a maximum of Rs 1 crore.

    284. The Monetary and Credit Policy is announced by which of the following ?

    (1) Ministry of Finance in Centre
    (2) Reserve Bank of India
    (3) State Bank of India
    (4) Planning Commission of India
    Answer:
    284. (2) Monetary policy is the defining function of the central bank of a country. The Reserve Bank of India announces a set of measures of both short-term and structural nature in the two bi-annual statements on monetary and credit policy. These documents are normally released in April and October of each year.

    285. Which of the following method is not used in determining National Income of a country ?

    (1) Income Method
    (2) Output Method
    (3) Input Method
    (4) Investment Method
    Answer:
    285. (4) The national income of a country can be measured by three alternative methods: (i) Product Method: measures national income as a flow of goods and services (ii) Income Method: measures national income as a flow of factor incomes and (iii) Expenditure Method: measures national income as a flow of expenditure.

    286. Which of the schemes of the Government of India makes Indian cities free from slums?

    (1) Indira Awas Yojana
    (2) Central Rural Sanitation Programme
    (3) Rajiv Awas Yojana
    (4) Antyodaya
    Answer:
    286. (3) Rajiv Awas Yojana (RAY) envisages a “Slum Free India" with inclusive and equitable cities in which every citizen has access to basic civic infrastructure and social amenities and decent shelter. It aims to make India slum-free by 2022 by providing people with shelter or housing, free of cost. It was introduced by the Union Ministry of Housing and Alleviation.

    287. Indian economy is a

    (1) Mixed economy
    (2) Communistic economy
    (3) Capitalistic economy
    (4) Centralised economy
    Answer:
    287. (1) Indian economy is an example of mixed economy, an economic system that contains a mixture of markets and economic planning, in which both the private sector and state direct the economy. It is a mixture of public ownership and private ownership; and market economies with strong regulatory oversight and governmental provision of public goods.

    288. The profits of Indian–banks operating in foreign countries are a part of

    (1) income from entrepreneurship earned from abroad
    (2) domestic factor income of India
    (3) profits of the enterprises working in domestic territory of India
    (4) operating surplus of the banks located in India
    Answer:
    288. (1) Net Factor Income from Abroad (NFIA) refers to income generated by nationals abroad in the form of wages, salaries, rent, interest, dividend and profit. It has the following three components: (a) Net compensation of employees; (b) Net income from property i.e., rent, interest and income from entrepreneurship (that is, profits and dividends); and (c) Net retained earnings of the resident companies working in foreign countries. Profits earned by Indian banks functioning abroad come under ‘income from entrepreneurship.’

    289. Government of India has decided to integrate____with recently launched Pradhan Mantri Krishi Sinchayee Yojana.

    (1) Mahatma Gandhi National Rural Employment Guarantee Act
    (2) National Rural Livelihood Mission
    (3) Haryali
    (4) Accelerated Irrigation Benefit Programme
    Answer:
    289. (1) Pradhan Mantri Krishi Seenchayi Yojana will converge with rural development schemes like Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and other schemes of agriculture ministry and land resources department. This will help in creating more irrigation assets.

    290. The PURA Scheme which envisages the provision of urban amenities in rural areas in India was advocated for the first time by

    (1) Dr. M.S. Swaminathan
    (2) Sri A.P.J. Abdul Kalam
    (3) Dr. Arvind Subramaniam
    (4) Prof. Dinshaw Mistry
    Answer:
    290. (2) Provision of Urban Amenities to Rural Areas (PURA) is a strategy for rural development in India. This concept was given by former president Dr. A.P.J. Abdul Kalam and discussed in his book Target 3 Billion which he co-authored with Srijan Pal Singh. PURA proposes that urban infrastructure and services be provided in rural hubs to create economic opportunities.

    291. National Income can be calculated in all except one of the following ways :

    (1) sum of all expenditures
    (2) sum of all outputs
    (3) sum of all savings
    (4) sum of all incomes
    Answer:
    291. (3) The national income of a country can be measured by: (i) Product Method or the Output Method (ii) Income Method, and (iii) Expenditure Method. The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces. The expenditure approach is basically an output accounting method. Under the Income method, national income is measured as a flow of factor incomes.

    292. In the national context which of the following indicates Macro Approach ?

    (1) Inflation in India.
    (2) Sales of Bata Shoe Company
    (3) Exports of Mangoes to UK
    (4) Income from Railways.
    Answer:
    292. (3) Macroeconomics is a branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. It explains the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, etc.

    293. State Bank of India was previously known as :

    (1) Imperial Bank of India
    (2) Canara Bank
    (3) Syndicate Bank
    (4) Co-operative Bank of India
    Answer:
    293. (1) The State Bank of India traces its ancestry to British India, when the Bank of Calcutta was established on 2 June 1806. The Bank of Bengal was one of three Presidency banks, the other two being the Bank of Bombay (1840) and the Bank of Madras (1843). The Presidency banks amalgamated on 27 January 1921 as the Imperial Bank of India. On 1 July 1955, the Imperial Bank of India became the State Bank of India.

    294. The one rupee note bears the signature of :

    (1) Governor, Reserve Bank of India
    (2) Finance Minister
    (3) Secretary, Ministry of Finance
    (4) None of these
    Answer:
    294. (3) Unlike other currency notes which bear the signature of RBI Governor, the one rupee note has signature of the Finance Secretary. The RBI, in February 2015, announced to soon put in circulation currency notes in one rupee denomination. The printing of one rupee note was stopped in November 1994.

    295. SIDBI stands for :

    (1) Small Industrial Designed Bank of India
    (2) Small Industries Development Bank of India
    (3) Small Innovations Development Banker’s Institute
    (4) Small Industries Development Banker Institute
    Answer:
    295. (2) SIDBI stands for Small Industries Development Bank of India. It is an independent financial institution aimed to aid the growth and development of micro, small and medium-scale enterprises (MSME) in India. It was set up on April 2, 1990 through an act of parliament.

    296. NABARD stands for

    (1) National business for accounting and Reviewing
    (2) National Bank for agriculture and rural
    (3) National Bank for aeronautics and radar development
    (4) National bureau for air and road transport
    Answer:
    296. (2) NABARD stands for National Bank for Agriculture and Rural Development. It is an apex development bank in India having headquarters based in Mumbai (Maharashtra). It was established on 12 July 1982 and accredited with matters credit for agriculture and other economic activities in rural areas in India. 

    297. Reserve bank of India was nationalised in :

    (1) 1949 
    (2) 1951
    (3) 1947 
    (4) 1935
    Answer:
    297. (1) The Reserve Bank of India was nationalised on 1 January 1949 under the Reserve Bank (Transfer of Public Ownership) Act, 1948. Since then, RBI started working as a government owned central bank of India. It was founded on 1 April 1935.

    298. From the national point of view which of the following indicates Micro Approach?

    (1) Per capita income in India
    (2) Study of sales of TISCO
    (3) Inflation in India
    (4) Educated Unemployment in India
    Answer:
    298. (2) Microeconomics is a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources. Typically, it applies to markets where goods or services are bought and sold. This is in contrast to macroeconomics, which involves the “sum total of economic activity, dealing with the issues of growth, inflation, and unemployment.” So study of sales of TISCO will come under microeconomics.

    299. Indian economy is an example of a mixed economy because,

    (1) urban sector coexists with vast rural sector
    (2) traditional subsistence economy coexists with modern economy
    (3) private sector coexists with public sector enterprises
    (4) monopoly elements coexist with competitive elements
    Answer:
    299. (3) Mixed economy is a combination of market economy as well as government planning. It has both private sector and public sector. Some businesses are owned by private individuals while some businesses are owned by the government. India is an example of mixed economy.

    300. How does agriculture promote the Indian industrial development ?

    (1) By opening up market for industrial products
    (2) By providing food and clothing to labourers
    (3) By supplying raw materials
    (4) All of the given options
    Answer:
    300. (4) According to Prof. Kindleberger, Todaro, Lewis and Nurkse etc., agriculture makes its contribution to economic development in several ways, viz.,: l By providing food and raw material to non-agricultural sectors of the economy, l By creating demand for goods produced in non-agricultural sectors, by the rural people on the strength of the purchasing power, earned by them on selling the marketable surplus, l By providing investable surplus in the form of savings and taxes to be invested in non-agricultural sector, l By earning valuable foreign exchange through the export of agricultural products, etc. 

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